“People can start to finally crawl out from under that mountain of debt. To get on top of their rent and their utilities. To finally think about buying a home or starting a family or starting a business.”
That was President Biden announcing big changes this afternoon regarding student loans affecting millions of Americans.
The Biden Administration announced it is canceling up to $10 thousand dollars of Federal student loans for borrowers who make under $125 thousand dollars a year.
If you are within that income range and also received a Pell Grant you can seek forgiveness for up to $20 thousand dollars of your loans.
The White House also announced it is extending the pause in student loan repayment for one last time this year. Now pushing payments on Federal student loans until january 2023.
